New Delhi, September 26 (Language) The initial public offering (IPO) of jeweler’s firm Manoj Vaibhav James N Jewelers was subscribed 2.25 times on the last day of bidding on Tuesday.
According to NSE data, bids were received for 2,05,05,627 shares against the offer of 91,20,664 shares made under the share sale.
The non-institutional investors segment was subscribed 5.18 times while the retail individual investors (RIIs) segment was subscribed 1.66 times. The quota earmarked for qualified institutional buyers (QIBs) was also subscribed 1.06 times.
Fresh issue of up to Rs 210 crore and offer for sale of 28,00,000 equity shares were made under the IPO. The price band for this offer was kept at Rs 204-215 per share.
The company had raised Rs 81.05 crore from anchor investors on Thursday before the issue opened.
The funds raised from the IPO will be used to open eight new showrooms and for general company functioning.
Operating as a regional jewelery brand in South India, Manoj Vaibhav Gems & Jewelers has a presence in Andhra Pradesh and Telangana. It has 13 showrooms in both the states.
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